Required information PA6-3 (Algo) Recording Sales with Discounts and Estimated and Actual Returns, and Analyzing Gross Profit Percentage [LO 6-4, LO 6-5] [The following information applies to the questions displayed bolow.] Hughes Hair Design is a wholesaler of hair supplies. Hughes Hair Design uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandiae for canb (cost of eerehandise $32,397 ). b. Received morcbandise returned by euntomers as unsatisfactory (but in perfect eondition) 57,600 for eash refund (original cost of merehandise $320}. e. sold merehandise (costing $7,600) to a custeaer on account with teran n/60. d. Collected half of the balance oved by the custoner in (e). -. Granted a partial allowance relating to credit sales the custees. ir paid. f. Antielpate further returnn of merebandise (costing $240) atter year-end from sales made 160 during the yoar. PA6-3 (Algo) Part 1 Required: 1. Compute Net Sales and Gross Profit for Hughes Hair Design